Quarterly report pursuant to Section 13 or 15(d)

Preliminary Purchase Price - Schedule of Estimated Fair Value of Assets Acquired and Liabilities (Details)

v3.21.1
Preliminary Purchase Price - Schedule of Estimated Fair Value of Assets Acquired and Liabilities (Details)
 3 Months Ended
Mar. 31, 2021
USD ($)
Pro Forma [Member]  
Total Consideration $ 48,175,844
Cash and Cash Equivalents 569,366
Marketable Securities 30,480,537
Other Receivables 3,026,137
Prepaid Expenses 221,811
Investment in Oravax 1,500,000
Trade and Other Payables (2,374,059)
Net Tangible Assets Acquired 33,423,792
Excess of Purchase Price Over Net Assets Acquired to be Allocated to Goodwill 14,752,052
Pro Forma Adjustments [Member]  
Total Consideration [1],[2]
Cash and Cash Equivalents [1],[2]
Marketable Securities (1,500,000) [1],[2]
Other Receivables (3,026,137) [1],[2]
Prepaid Expenses [1],[2]
Investment in Oravax [1],[2]
Trade and Other Payables 811,087
Net Tangible Assets Acquired (3,715,050) [1],[2]
Excess of Purchase Price Over Net Assets Acquired to be Allocated to Goodwill (3,715,050) [1],[2]
Purchase Price Allocation - Pro Forma [Member]  
Total Consideration 48,175,844
Cash and Cash Equivalents 569,366
Marketable Securities 28,980,537
Other Receivables
Prepaid Expenses 221,811
Investment in Oravax 1,500,000
Trade and Other Payables (1,562,972)
Net Tangible Assets Acquired 29,708,742
Excess of Purchase Price Over Net Assets Acquired to be Allocated to Goodwill $ 18,467,102
[1] The adjustments reflect the effect of the Contribution and Assignment Agreement, the elimination of the MYMD Bridge Loan and an adjustment for withholding taxes on the issuance of shares to settle the RSUs.
[2] Transaction costs primarily consist of printing, stock exchange, accounting and legal fees which are estimated to range from $750,000 to $1,500,000. There can be no assurance that these estimates will not change. Due to the expected volatility of the anticipated transaction costs, they are being treated as a contingent liability and have been excluded from the pro forma condensed combined financial statements.